trump, inflation, economy

A president told reporters he loves the very force emptying American wallets.

"The numbers were great. You know what I really love? I love the inflation."

— Donald Trump, Oval Office press conference, June 10, 2026

The Bureau of Labor Statistics released its May inflation report on Tuesday, and the headline number was 4.2 percent. That is up from 3.8 percent in April and the highest annual rate since 2023. By most economic measures, this is bad news for a country already struggling with the cost of groceries, rent, childcare, and fuel.

By Donald Trump's measures, it is cause for celebration.

When asked about the numbers during an Oval Office press conference on Wednesday, the president did not express concern. He did not promise action. He said he loved them.

Translation: the man who blamed inflation on Biden for two years has now embraced it as a feature of his own presidency.

The last time inflation was this high, Trump was campaigning against it. During the 2024 election, he repeated the same line at every rally: inflation would be crushed on "Day One" of his second term. He pointed to Biden and Harris as the architects of American economic suffering. The data then supported his claim. In November 2024, the month before Trump took office, inflation had fallen to 2.4 percent.

Since January 2025, it has climbed steadily upward. Month by month, quarter by quarter, the numbers have moved in one direction. The gap between what Trump promised and what actually happened is now measured not in decimals but in a full percentage point swing.

The main driver is energy. The war with Iran has disrupted fuel transport through the Strait of Hormuz, straining global supplies. According to AAA, the national average for gasoline is $4.15 per gallon. A year ago it was $3.12. In some parts of the country, drivers are paying as much as $5.83.

Trump told a Cabinet meeting in May that "we don't need oil." The American people apparently do.

The Federal Reserve Bank of New York released its own survey on Monday, and it paints a picture of an electorate drowning in economic pessimism. The share of Americans who said their finances were "somewhat worse off" or "much worse off" than a year ago reached its highest level since January 2023. That was during the peak of the post-pandemic inflation surge, when supply chains were still snapping and businesses were scrambling to raise prices.

Three years later, Americans feel just as bad. Only now the president is telling them it's fine.

Trump has also been promising an imminent peace deal with Iran for months. CNN has tallied at least 38 separate occasions since late March where he said a deal was coming. As of Wednesday, no deal existed. On Truth Social, he wrote that Iran's military "doesn't even exist anymore" and called the country "DEAD." Hours earlier, he had told reporters the U.S. and Iran were "very close to having a very, very good, strong, powerful deal."

Both statements cannot be true. The Strait of Hormuz suggests which one is closer to reality.

While Americans fill their tanks at $4.15 a gallon, the Trump family has been filling its own coffers through a different kind of inflation: the expansion of its personal wealth.

A Reuters investigation published Tuesday found that Donald Trump and his sons have added at least $2.3 billion to their fortune since January 2025, primarily through crypto ventures. Investors in those same ventures lost $2.3 billion. The report's conclusion was blunt: "Under the Trump crypto playbook, the family always wins. Investors don't."

The pattern extends beyond crypto. The Trump Organization is licensing the president's name and image for silver and gold coins tied to a UFC fight scheduled on the White House South Lawn for Trump's birthday on June 14. The coins range from $250 to nearly $12,000 each and feature Trump's signature alongside photos of him and UFC chief Dana White. CNN reported that while no Trump company is directly manufacturing the coins, the licensing arrangement flows back to the family.

The White House lawn is not private property. It belongs to the American people. The president appears to treat it as an advertising platform.

Trump's declaration that he "loves" inflation reads like a confession disguised as a sound bite. For a president who built his second campaign on promises of economic relief, embracing rising prices is either a sign of genuine indifference or a signal that higher costs serve his interests. Both readings are possible. Both are damning.

His tariff policies have raised the price of imported goods. His war with Iran has pushed energy costs higher. His crypto ventures have enriched his family while costing ordinary investors billions. And now he tells reporters, in the Oval Office, that he loves the inflation.

The question is not whether Trump benefits from an economy where prices rise and asset values swell. The question is why anyone pretended it was otherwise.